ABILENE, Texas (KTAB/KRBC) – A business that has been in Abilene for more than 50 years is going to invest more than $60 million in an expansion project.

At Thursday morning’s meeting, city council members gave unanimous approval to giving $6 million in incentive to Bridgestone Bandag to kickstart the project.

Bridgestone Bandag, who was established in 1971 and just celebrated their 50th anniversary in Abilene, plans on spending a capital investment of $60,325,000 to automate their rubber mixing and production operation. They will also expand their facility on FM 18.

Once complete, this expansion will allow Bridgestone Bandag to retain 179 jobs with an average salary of $53,775 and to add 25 jobs with an average salary of $52,381, both of which are higher than the City of Abilene’s average salary of $47,229.

The entire project also has and estimated economic impact of $1.81 billion to Abilene over the next 10 years.

During this 10 year period, Bridgestone Bandag will pay an estimated $21,062,034 in taxes – $8,579,536 of which will go to the City of Abilene, $5,489,308 will go to Taylor County, and $6,993,190 will go toward school taxes.

This is the 4th largest project in the 33-year-history of the Development Corporation of Abilene.